From: Knoknock@aol.com
Sent: Friday, April 02, 2004 11:19 PM
To: rule-comments@sec.gov
Subject: S7-06-04:
To whom this concerns,
I am a Mutual fund investor (JANUS) and I am concerned that the if the Mutual
Fund Industry is expected to police itself, as it has done so in the past, we
can expect the same conflicts of interest to reoccur.
I am in support of these proposed rules (Ref# S7-06-04), and I'd like to see
further movement by the SEC to propose and implement rules that are designed
to protect the average consumer/investors who are trying to plan for their
retirements.
My own experience during the past 3+ years is a cumulative loss of $25,000.00
that I had invested in various funds within the Janus family of Funds, which
left me with less than $18,000.00 remaining in my account. As severe as that
is, I accepted that the market was responsible and that all else being equal,
everybody was equally affected. Then I heard about "After Hours Selling" and
"Market Timing."
The Management was shook up with a new CEO appointed, after Tom Bailey
resigned, new fund managers replaced outgoing managers that resigned, but
this kind of reshuffling does nothing for the lack of trust that I now have,
and furthermore, it doesn't address any losses I may have personally
incurred. I have not added one dime to my IRA, or my 401K since year 2000,
and I certainly don't want the perpetrators of illegal activities to
investigate themselves, unfortunately I don't really have any suggestions to
offer at this time.
I've seen "Heads Roll" before in a PR effort to make it look like I'm getting
something different from before, when in actuality it's "Business as usual!"
Please impose these proposed regulations and also continue to vigilantly look
out for small investors like myself.
Thank you.
Sincerely,
Scott Pacheco